Execution of the Financial Guarantees. If the Consortium Members do not comply with the Minimum Exploration Program, ANP shall summon the Consortium Members to pay the amount corresponding to the non-executed portion, calculated under this Agreement, within thirty (30) days, and, in case of default, it shall execute the relevant financial guarantees. Receipt of the amount corresponding to the compensatory penalty for failure to implement the Minimum Exploration Program: does not exempt the Consortium Members from performing the other obligations arising from the Agreement; does not affect ANP’s right to seek other remedies and impose any applicable sanctions for acts other than the mere failure to implement the Minimum Exploration Program; does not entitle the Consortium Members to start the Production Phase.
Appears in 5 contracts
Samples: Production Sharing Agreement, Production Sharing Agreement, Production Sharing Agreement
